Future Fund Managing Partner Gary Black has defended the decision to reduce the fund’s stake in Tesla Inc. (NASDAQ:TSLA), citing a shift in investment strategy and the electric vehicle maker’s performance.
What Happened: Black outlined the criteria for Future Fund’s sell discipline, in a post written on X on Wednesday, which includes reaching the price target, a change in the investment thesis, excessively high near-term expectations, or a change in strategy or CEO.
Black noted that the fund had trimmed its TSLA position from 12.2% in September 2022 to 3.6% currently, during which time TSLA stock fell 11% while the Nasdaq 100 rose 64%. He added that TSLA was replaced by NVIDIA Corp (NASDAQ:NVDA) as the fund’s number two position, which contributed positively to its performance.
“We stand by our decision to trim $TSLA from a 12.2% position (#1) in Sept 2022 to 3.6% today (#6). During that period, $TSLA -11% vs NDX +64%, and $NVDA has replaced $TSLA as our #2 position, which has been additive to our performance,” Black wrote.
Full story available on Benzinga.com
Future Fund Managing Partner Gary Black has defended the decision to reduce the fund’s stake in Tesla Inc. (NASDAQ:TSLA), citing a shift in investment strategy and the electric vehicle maker’s performance.
What Happened: Black outlined the criteria for Future Fund’s sell discipline, in a post written on X on Wednesday, which includes reaching the price target, a change in the investment thesis, excessively high near-term expectations, or a change in strategy or CEO.
Black noted that the fund had trimmed its TSLA position from 12.2% in September 2022 to 3.6% currently, during which time TSLA stock fell 11% while the Nasdaq 100 rose 64%. He added that TSLA was replaced by NVIDIA Corp (NASDAQ:NVDA) as the fund’s number two position, which contributed positively to its performance.
“We stand by our decision to trim $TSLA from a 12.2% position (#1) in Sept 2022 to 3.6% today (#6). During that period, $TSLA -11% vs NDX +64%, and $NVDA has replaced $TSLA as our #2 position, which has been additive to our performance,” Black wrote.
Full story available on Benzinga.com
Future Fund Managing Partner Gary Black has defended the decision to reduce the fund’s stake in Tesla Inc. (NASDAQ:TSLA), citing a shift in investment strategy and the electric vehicle maker’s performance.
What Happened: Black outlined the criteria for Future Fund’s sell discipline, in a post written on X on Wednesday, which includes reaching the price target, a change in the investment thesis, excessively high near-term expectations, or a change in strategy or CEO.
Black noted that the fund had trimmed its TSLA position from 12.2% in September 2022 to 3.6% currently, during which time TSLA stock fell 11% while the Nasdaq 100 rose 64%. He added that TSLA was replaced by NVIDIA Corp (NASDAQ:NVDA) as the fund’s number two position, which contributed positively to its performance.
“We stand by our decision to trim $TSLA from a 12.2% position (#1) in Sept 2022 to 3.6% today (#6). During that period, $TSLA -11% vs NDX +64%, and $NVDA has replaced $TSLA as our #2 position, which has been additive to our performance,” Black wrote.
Our sell discipline kicks in when:1/ Stock reaches our price target2/ Investment thesis changes3/ Near-term expectations get too high4/ Strategy change/CEO leavesWe stand by our decision to trim $TSLA from a 12.2% …Full story available on Benzinga.com Read Moreelectric vehicles, Elon Musk, Equities, EVs, Expert Ideas, Future Fund, Gary Black, Kaustubh Bagalkote, News, NVDA, TSLA, Markets, Analyst Ratings, NVDA, US67066G1040, TSLA, US88160R1014, News, Equities, Markets, Analyst Ratings, Benzinga Markets
